Suncor Posts Net Earnings Of $435M in Second Quarter of 2017

Suncor Energy’s production increased despite setbacks at some of its oilsands assets.

The Calgary-based company posted net earnings of $435 million, compared to a loss of $735 million this time last year, mostly due to the Horse River wildfire, according to Suncor’s second quarter energy report released Wednesday.

Despite the increased production, these numbers are down significantly from their first quarter where they posted net earnings of $1.35 billion.

“Strong performance from our offshore and downstream businesses helped to offset the facility incident at Syncrude and major maintenance at the majority of our Oil Sands assets, generating cash flow in excess of our sustaining capital and dividend commitments.”

Suncor is also lowering their expectations in Syncrude’s production for the year, from 135,000 – 150,000 bbls/d to 130,000 – 145,000 bbls/d.

Their share in Syncrude saw production around 61,000 bbls/d, up from last year but down from their original expectations.

The report notes Syncrude will be back at full operations by early August.

Overall, Suncor notes they were able to produce 352,600 bbls/d, nearly doubling their output from this time last year, around 177,500 bbls/d.

Meanwhile, the oilsands giant says construction of the Fort Hills project, located 90 km north of Fort McMurray, is 90 per cent complete “with turnover of the ore processing and main primary extraction assets to operations occurring in the period.”